Jefferies raised the firm’s price target on Nektar (NKTR) to $121 from $99 and keeps a Buy rating on the shares. With “relatively low expectations” going into Nektar’s Rezpeg reporting Phase 2b topline data in Alopecia Areata in December, the firm sees “significant upside potential and limited downside” given Rezpeg’s novel mechanism of action, clean safety profile and durability potential, the analyst tells investors. The firm is adding AA to its model with 20% odds of success and about $300M in estimated peak sales.
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